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看一看、瞧一瞧 美联储的购债计划进行得咋样了?

2020-09-10 15:50:31 浏览: 27 作者: 清艳脱俗
摘要:byWolfRichterTheFedsteppedawayfromthemarketafteritsjawboningcreatedthebiggestbondbubbleever.在用嘴皮子把美国债券市场的泡沫忽悠到前所未有的程度后,联储反而裹足不前了TheFedstartedbuyingcorporatebond……

by Wolf Richter

The Fed stepped away from the market after its jawboning created the biggest bond bubble ever.

在用嘴皮子把美国债券市场的泡沫忽悠到前所未有的程度后,联储反而裹足不前了

The Fed started buying corporate bond ETFs for the first time ever in May and corporate bonds for the first time ever in June. These programs had been ballyhooed with enormous fanfare in the media – that the Fed would load up its Special Purpose Vehicles with $750 billion of corporate bonds and bond ETFs, including junk-bond ETFs.

五月份联储首次开始买进跟踪美国公司债市场走势的交易所交易基金,并在6月份首开买入公司债个券的先河。这些操作被媒体大肆鼓吹成联储将通过特殊目的实体等渠道买入7500亿美元的公司债和公司债交易所交易基金,甚至包括跟踪垃圾债走势的交易所交易基金。

These pre-announcements and announcements and announcements of expansions of prior announcements triggered the biggest corporate bond bubble and junk bond bubble in history before the Fed even started buying.

这些正式公告前的造势宣传、正式的公告以及对以往的公告所做的延伸解读给美国公司债市场以及垃圾债市场带来的是前所未有的泡沫,而美联储甚至还没来得及动手买债。

Bond prices surged and yields plunged and ETFs soared, and junk bonds soared and their yields plunged, and junk-bond ETFs soared as everyone was trying to front-run the Fed’s massive purchases.

不管是公司债还是垃圾债,个券和交易所交易基金的报价均在大幅上涨,收益率猛降,每个人都想抢在联储动手之前先下手。

So the Fed accomplished its handiwork – creating a bond bubble and bailing out asset holders during the worst economy of in a lifetime – mostly by jawboning, and actually bought very small amounts of bonds and bond ETFs through July. It really just dabbled in them.

就这样,联储的阴谋得逞了,在美国实体经济正在遭受有生以来最糟糕局面的同时,美国公司债市场却正在经历一场巨大的泡沫,资产持有者的困局解脱了。而联储基本上只是动了动嘴,实际上到7月份为止只买了很少一点公司债的现券和跟踪公司债走势的交易所交易基金,联储只是“蜻蜓点水”般地介入了一小下。

But then Tuesday afternoon, the Fed disclosed that over theperiod of July 31 through August 31:

但随后联储在本周二下午披露了7月31日至8月31日期间的公司债持仓情况:

1. It bought no bond ETFs– and I mean, zero, none, zilch, nada, null. And its spreadsheet was devoid of the usual entries of names, tickers, CUSIP numbers, dates, and mounts. Instead, it said, “No purchases were made over the current reporting period.” The Fed had not bought a single share of anything, not even symbolically. Screenshot of the spreadsheet:

联储在此期间没有买入跟踪美国公司债走势的交易所交易基金,注意:我说的是一分钱也没买。在联储公布的电子表格中发行人、债券简称、统一证券代码、买入日期和金额等常见条目下没有任何细节,只有一句话“在本报告期内没有买入”。联储没有买入一丁点的债券,连象征性地买入也没有。下面是该表格的截屏:

看一看、瞧一瞧 美联储的购债计划进行得咋样了?

This shows how powerful the Fed’s tool of jawboning is. And it also shows that the Fed doesn’t think it’s necessary to drive the credit market bubble any further. Fed Chair Jerome Powell has explained this many times – that the Fed has succeeded in achieving its objective of creating loose credit market conditions. It has in fact succeeded in blowing this bubble in the shortest amount of time, and the Fed itself is perhaps stunned by the magnitude of the bubble and its own success. And it stopped buying ETFs in July, and it trimmed it corporate-bond purchases to near nothing.

这个例子证明了联储的忽悠水平有多么高明,但也说明联储认为没必要把信用债市场的泡沫搞得再大一些。联储主席鲍威尔对此多次阐明过,联储在改善美国信用债市场融资状况方面已经达到了预期的目标。联储实际上是在非常短的时间内就把信用债市场的泡沫吹起来了,连联储自己也被这个泡沫膨胀的速度以及自己的忽悠如此之成功搞怕了。联储从7月份开始不再继续买入美国公司债交易所交易基金,购买公司债个券的金额也被减到近乎为零。

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